C3is Inc. (CISS) 10-Year Financial Performance & Capital Metrics

CISS • • Industrial / General

IndustrialsMarine ShippingDry Bulk ShippingDry Bulk Operators

AboutC3is Inc. provides international seaborne transportation services. It provides its services to dry bulk charterers, including national and private industrial users, commodity producers, and traders. The company owns and operates a fleet of two handysize drybulk carriers which transport major bulks, such as iron ore, coal and grains, as well as minor bulks comprising bauxite, phosphate, and fertilizers. C3is Inc. was incorporated in 2022 and is headquartered in Majuro, Marshall Islands.Show more

Revenue $42M +47.2%
EBITDA $16M +11.7%
Net Income -$3M -129.6%
EPS (Diluted) -25.74 -102.7%
Gross Margin 32.21% -23.0%
EBITDA Margin 38.4% -24.1%
Operating Margin 23.79% -34.4%
Net Margin -6.5% -120.1%
ROE -4.33% -123.2%
ROIC 12.41% -25.6%
Debt/Equity 0.00
Interest Coverage 4.07 -46.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 55.2% free cash flow margin
✓Healthy 5Y average net margin of 25.0%
✓Trading at only 0.0x book value

✗Weaknesses

✗Weak momentum: RS Rating 0 (bottom 0%)
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y88.92%

TTM-25.6%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM101.99%

EPS CAGR

10Y-

5Y-

3Y-

TTM-99.89%

ROCE

10Y Avg15.45%

5Y Avg15.45%

3Y Avg12.5%

Latest14.65%

Peer Comparison

Dry Bulk Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLBSGlobus Maritime Limited	35.4M	1.72	82.30	11.74%	-16.48%	-3.41%		0.78
DSXDiana Shipping Inc.	241.98M	2.09	35.54	-12.93%	11.18%	4.89%	24.5%	1.26
HSHPHimalaya Shipping Ltd.	421.25M	9.03	18.81	236.4%	4.39%	3.28%		4.61
GNKGenco Shipping & Trading Limited	859.67M	19.88	11.36	10.21%	-2.14%	-0.8%	8.16%	0.10
PANLPangaea Logistics Solutions, Ltd.	455.47M	7.01	11.13	7.46%	2.67%	3.42%		0.84
SBLKStar Bulk Carriers Corp.	2.38B	20.90	7.46	33.31%	5.85%	2.54%	17.33%	0.59
SBSafe Bulkers, Inc.	533.13M	5.21	6.28	8.17%	16.78%	5.58%		0.65
SHIPSeanergy Maritime Holdings Corp.	199.32M	9.44	4.47	51.91%	10.23%	5.86%	0.47%	0.98

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.27M	3.29M	28.74M	42.3M
Revenue Growth %	-	-0.48%	7.74%	0.47%
Cost of Goods Sold+	2.49M	2.54M	16.71M	28.67M
COGS % of Revenue	0.4%	0.77%	0.58%	0.68%
Gross Profit+	3.78M	750.83K	12.02M	13.62M
Gross Margin %	0.6%	0.23%	0.42%	0.32%
Gross Profit Growth %	-	-0.8%	15.01%	0.13%
Operating Expenses+	129.18K	198.77K	1.6M	3.56M
OpEx % of Revenue	0.02%	0.06%	0.06%	0.08%
Selling, General & Admin	129.18K	121.33K	1.2M	2.98M
SG&A % of Revenue	0.02%	0.04%	0.04%	0.07%
Research & Development	0	0	0	0
R&D % of Revenue	-	-	-	-
Other Operating Expenses	0	77.44K	396K	586.96K
Operating Income+	3.65M	552.06K	10.43M	10.06M
Operating Margin %	0.58%	0.17%	0.36%	0.24%
Operating Income Growth %	-	-0.85%	17.89%	-0.04%
EBITDA+	4.1M	1.11M	14.53M	16.24M
EBITDA Margin %	0.65%	0.34%	0.51%	0.38%
EBITDA Growth %	-	-0.73%	12.09%	0.12%
D&A (Non-Cash Add-back)	441.75K	557.97K	4.1M	6.18M
EBIT	3.65M	551.7K	10.66M	-274.56K
Net Interest Income+	-45.62K	-135.03K	-1.33M	-1.52M
Interest Income	0	59.72K	36.11K	950.82K
Interest Expense	45.62K	194.75K	1.37M	2.47M
Other Income/Expense	-45.4K	-475	-1.14M	-12.81M
Pretax Income+	3.61M	551.59K	9.29M	-2.75M
Pretax Margin %	0.58%	0.17%	0.32%	-0.06%
Income Tax+	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%
Net Income+	3.61M	551.59K	9.29M	-2.75M
Net Margin %	0.58%	0.17%	0.32%	-0.06%
Net Income Growth %	-	-0.85%	15.85%	-1.3%
Net Income (Continuing)	3.61M	551.59K	9.29M	-2.75M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	1757.81	47.37	950.77	-25.74
EPS Growth %	-	-0.97%	19.07%	-1.03%
EPS (Basic)	1757.81	260.06	2370.69	-25.74
Diluted Shares Outstanding	2.05K	11.64K	9.69K	314.34K
Basic Shares Outstanding	2.05K	2.12K	3.6K	314.34K
Dividend Payout Ratio	1.76%	-	-	-

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	4.63M	6.02M	20.31M	16.34M
Cash & Short-Term Investments	18.99K	5M	9.06M	12.59M
Cash Only	18.99K	5M	695.29K	4.64M
Short-Term Investments	0	0	8.37M	7.95M
Accounts Receivable	4.26M	821.53K	10.44M	2.82M
Days Sales Outstanding	248	91.22	132.64	24.3
Inventory	60.18K	165.65K	689.27K	884.15K
Days Inventory Outstanding	8.82	23.84	15.05	11.26
Other Current Assets	254.63K	0	33.85K	28.77K
Total Non-Current Assets+	11.73M	38.84M	75.16M	84.15M
Property, Plant & Equipment	11.23M	38.84M	75.16M	84.15M
Fixed Asset Turnover	0.56x	0.08x	0.38x	0.50x
Goodwill	0	0	0	0
Intangible Assets	0	0	0	0
Long-Term Investments	500K	0	0	0
Other Non-Current Assets	0	0	0	0
Total Assets+	16.36M	44.86M	95.47M	100.49M
Asset Turnover	0.38x	0.07x	0.30x	0.42x
Asset Growth %	-	1.74%	1.13%	0.05%
Total Current Liabilities+	1.32M	965.47K	39.93M	18.69M
Accounts Payable	185.86K	792.14K	547.02K	908.34K
Days Payables Outstanding	27.25	114	11.95	11.56
Short-Term Debt	992.16K	0	0	0
Deferred Revenue (Current)	0	0	215.84K	162.11K
Other Current Liabilities	0	0	38.53M	0
Current Ratio	3.50x	6.24x	0.51x	0.87x
Quick Ratio	3.46x	6.07x	0.49x	0.83x
Cash Conversion Cycle	229.57	1.06	135.74	23.99
Total Non-Current Liabilities+	6.29M	0	0	10.44M
Long-Term Debt	6.29M	0	0	0
Capital Lease Obligations	0	0	0	0
Deferred Tax Liabilities	0	0	0	0
Other Non-Current Liabilities	0	0	0	10.44M
Total Liabilities	7.61M	965.47K	39.93M	29.13M
Total Debt+	7.28M	0	0	28.77K
Net Debt	7.26M	-5M	-695.29K	-4.61M
Debt / Equity	0.83x	-	-	0.00x
Debt / EBITDA	1.78x	-	-	0.00x
Net Debt / EBITDA	1.77x	-4.50x	-0.05x	-0.28x
Interest Coverage	80.09x	2.83x	7.62x	4.07x
Total Equity+	8.75M	43.89M	55.54M	71.36M
Equity Growth %	-	4.02%	0.27%	0.28%
Book Value per Share	4264.64	3769.36	5730.31	227.02
Total Shareholders' Equity	8.75M	43.89M	55.54M	71.36M
Common Stock	0	31.83K	874	7.07K
Retained Earnings	3.61M	0	8.35M	257.05K
Treasury Stock	0	0	0	0
Accumulated OCI	0	0	0	0
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-12.08K	1.05M	5.64M	24.98M
Operating CF Margin %	-0%	0.32%	0.2%	0.59%
Operating CF Growth %	-	88.06%	4.36%	3.43%
Net Income	3.61M	551.59K	9.1M	-2.75M
Depreciation & Amortization	441.75K	557.97K	4.1M	6.18M
Stock-Based Compensation	0	0	0	0
Deferred Taxes	0	0	0	0
Other Non-Cash Items	1.59K	0	-15.97K	12.73M
Working Capital Changes	-4.06M	-58.05K	-7.55M	8.81M
Change in Receivables	-4.26M	-821.53K	-9.62M	7.63M
Change in Inventory	-60.18K	-165.65K	-523.62K	-194.88K
Change in Payables	146.04K	792.14K	-245.13K	361.32K
Cash from Investing+	-11.64M	-39.39M	-12.43M	-1.36M
Capital Expenditures	-11.64M	-39.39M	-4.3M	-1.62M
CapEx % of Revenue	1.85%	11.98%	0.15%	0.04%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	0	0	-8.13M	0
Cash from Financing+	12.42M	38.34M	7.48M	-19.67M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	-6.35M	0	-241.67K	-762.5K
Share Repurchases	-	-	-	-
Other Financing	0	38.34M	3.31M	-36.13M
Net Change in Cash	-	-	-	-
Free Cash Flow+	-11.65M	-38.34M	1.34M	23.35M
FCF Margin %	-1.86%	-11.66%	0.05%	0.55%
FCF Growth %	-	-2.29%	1.03%	16.44%
FCF per Share	-5676.13	-3292.63	138.16	74.29
FCF Conversion (FCF/Net Income)	-0.00x	1.91x	0.61x	-9.09x
Interest Paid	0	0	0	0
Taxes Paid	0	0	0	0

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	41.24%	2.1%	18.69%	-4.33%
Return on Invested Capital (ROIC)	-	1.51%	16.69%	12.41%
Gross Margin	60.32%	22.84%	41.84%	32.21%
Net Margin	57.53%	16.78%	32.33%	-6.5%
Debt / Equity	0.83x	-	-	0.00x
Interest Coverage	80.09x	2.83x	7.62x	4.07x
FCF Conversion	-0.00x	1.91x	0.61x	-9.09x
Revenue Growth	-	-47.59%	774.3%	47.17%

Revenue by Segment

	2023	2024
Voyage Charter Revenues	17.57M	29.69M
Voyage Charter Revenues Growth	-	68.98%
Time Charter Revenues	9.69M	10.95M
Time Charter Revenues Growth	-	12.99%
Other Operating Income	1.48M	1.66M
Other Operating Income Growth	-	12.18%

Frequently Asked Questions

Growth & Financials

C3is Inc. (CISS) reported $33.6M in revenue for fiscal year 2024. This represents a 436% increase from $6.3M in 2021.

C3is Inc. (CISS) grew revenue by 47.2% over the past year. This is strong growth.

Yes, C3is Inc. (CISS) is profitable, generating $5.4M in net income for fiscal year 2024 (-6.5% net margin).

Dividend & Returns

Yes, C3is Inc. (CISS) pays a dividend with a yield of 100.00%. This makes it attractive for income-focused investors.

C3is Inc. (CISS) has a return on equity (ROE) of -4.3%. Negative ROE indicates the company is unprofitable.

C3is Inc. (CISS) generated $10.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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